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Tue, Nov 28, 2023

L3Harris Tech Sells off Commercial Aviation Biz for $800 Million

Flight Training Arm to Find New Home in Private Capital Firm

L3Harris Technologies announced an agreement to sell off its Commercial Aviation Solutions arm for $800 to TJC L.P.

The acquisition will be made with a $700 million cash purchase price and $100 million earnout based on the achievement of financial performance goals stretching out through 2024. The deal should close in the first half of 2024, subject to regulatory approvals and the usual bureaucracy. The firm employs about 1,450 people offering pilot training, flight data analytics, avionics, and advanced air mobility products and services, among other capabilities.

“Today’s announcement is consistent with our multi-year strategy to optimize our national security, technology-focused portfolio,” said Christopher E. Kubasik, Chair and CEO, L3Harris. “Aligned with our capital allocation priorities, we plan to use the proceeds from this transaction to repay debt, which will accelerate our timeline to reach our debt leverage objective.”

TJP L.P., originally The Jordan company, is a private equity firm with holdings across a plethora of industries like IT, logistics, healthcare, tech, and diversified industrials.

FMI: www.l3harris.com

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